Austria-based Revo Foods crafts 3D-printed salmon made from plant-based ingredients, and over the weekend the company announced that it has raised €1.5 million euros (~$1.78 million USD) in funding. This is the company’s first round of funding, and it included participation from Hazelpond Capital, Eva Summer (CPO of Peace of Meat), Friends2grow, Jens Schuman, MKO Holdings, and national support from the FFG Austrian Research Promotion Agency and Vienna Business Agency.
Revo Foods’ funding will be used to accelerate its 3D food printing process, as well as expand its team. The company has several plant-based salmon products that its plans on launching in Europe this year. Its smoked salmon strips and smoked salmon spread is made from pea protein, citrus fiber, and algae oil (these products are not made through 3D printing). The plant-based salmon sashimi is still being developed, and is created using a 3D printing process to create complex structures similar to real salmon.
The company held the first live tasting of its plant-based salmon products at the beginning of March. The tasting was held in Vienna, Austria and Revo Foods partnered with Budapest Bagels to serve its smoked salmon strips in the bagels. Only a handful of journalists were able to attend in person, and one food vegan food writer said, “It tastes too similar like fish, I can hardly eat it.”
There are a few other notable players in the plant-based fish space, however, these companies do not use 3D printing like Revo Foods. In the U.S., Gathered Foods (the parent company of Good Catch) raised $26.35 million in a B-2 bridge funding round at the beginning of April. Hooked is a Swedish-based company that produces plant-based tuna and shredded salmon alternatives. New Wave Foods announced the last week of March that its’ plant-based seafood alternative is now available for foodservice companies and restaurants.
Revo Foods plans on launching its smoked salmon strips first in Europe within 2021. In the next two to three months, the company expects to finalize the development of its plant-based salmon sashimi.